Ownership Patterns and Control of Top 100 Turkish Listed Companies
This study aims to highlight the importance of protecting investors’ rights,and particularly those of minority shareholders.This study addresses the predominant control-ownership structure of the top 100 firms listed in Bursa Istanbul (BI) using the data for 2015. It shows the most common control-...
Saved in:
Main Authors: | , , |
---|---|
Format: | Article |
Language: | English |
Published: |
Macrothink Institute
2017
|
Subjects: | |
Online Access: | http://repo.uum.edu.my/23589/1/AJFA%209%201%202017%20192%20209.pdf http://repo.uum.edu.my/23589/ http://doi.org/10.5296/ajfa.v9i1.10878 |
Tags: |
Add Tag
No Tags, Be the first to tag this record!
|
id |
my.uum.repo.23589 |
---|---|
record_format |
eprints |
spelling |
my.uum.repo.235892018-03-15T01:30:46Z http://repo.uum.edu.my/23589/ Ownership Patterns and Control of Top 100 Turkish Listed Companies Mustafa, Aree Saeed Che Ahmad, Ayoib Chandren, Sitraselvi HF5601 Accounting This study aims to highlight the importance of protecting investors’ rights,and particularly those of minority shareholders.This study addresses the predominant control-ownership structure of the top 100 firms listed in Bursa Istanbul (BI) using the data for 2015. It shows the most common control-ownership structure within business groups, in which shareholders exercise control over a group of firms and maintain a small stake of firms’ equities.Turkish firms are categorised with highly concentrated ownership and families’ being the dominant shareholders owning more than 80% of all publically listed firms in BI. The study results indicate that the divergence between cash rights and control rights (wedge)in the top 100 Turkish firms is mainly achieved through pyramidal-ownership structure, dual class shares,and cross-ownership at about 41%, 40% and 11%, respectively, while approximately 8% of firms do not use wedge.Hence, wedge exacerbates Type II Agency Problems.This paper calls for future research to study the environment of wedge for Turkish firms listed in BI. Macrothink Institute 2017 Article PeerReviewed application/pdf en http://repo.uum.edu.my/23589/1/AJFA%209%201%202017%20192%20209.pdf Mustafa, Aree Saeed and Che Ahmad, Ayoib and Chandren, Sitraselvi (2017) Ownership Patterns and Control of Top 100 Turkish Listed Companies. Asian Journal of Finance & Accounting, 9 (1). pp. 192-209. ISSN 1946-052X http://doi.org/10.5296/ajfa.v9i1.10878 doi:10.5296/ajfa.v9i1.10878 |
institution |
Universiti Utara Malaysia |
building |
UUM Library |
collection |
Institutional Repository |
continent |
Asia |
country |
Malaysia |
content_provider |
Universiti Utara Malaysia |
content_source |
UUM Institutionali Repository |
url_provider |
http://repo.uum.edu.my/ |
language |
English |
topic |
HF5601 Accounting |
spellingShingle |
HF5601 Accounting Mustafa, Aree Saeed Che Ahmad, Ayoib Chandren, Sitraselvi Ownership Patterns and Control of Top 100 Turkish Listed Companies |
description |
This study aims to highlight the importance of protecting investors’ rights,and particularly
those of minority shareholders.This study addresses the predominant control-ownership structure of the top 100 firms listed in Bursa Istanbul (BI) using the data for 2015. It shows
the most common control-ownership structure within business groups, in which shareholders exercise control over a group of firms and maintain a small stake of firms’ equities.Turkish firms are categorised with highly concentrated ownership and families’ being the dominant shareholders owning more than 80% of all publically listed firms in BI. The study results indicate that the divergence between cash rights and control rights (wedge)in the top 100 Turkish firms is mainly achieved through pyramidal-ownership structure, dual class shares,and cross-ownership at about 41%, 40% and 11%, respectively, while approximately 8% of
firms do not use wedge.Hence, wedge exacerbates Type II Agency Problems.This paper calls for future research to study the environment of wedge for Turkish firms listed in BI. |
format |
Article |
author |
Mustafa, Aree Saeed Che Ahmad, Ayoib Chandren, Sitraselvi |
author_facet |
Mustafa, Aree Saeed Che Ahmad, Ayoib Chandren, Sitraselvi |
author_sort |
Mustafa, Aree Saeed |
title |
Ownership Patterns and Control of Top 100 Turkish Listed Companies |
title_short |
Ownership Patterns and Control of Top 100 Turkish Listed Companies |
title_full |
Ownership Patterns and Control of Top 100 Turkish Listed Companies |
title_fullStr |
Ownership Patterns and Control of Top 100 Turkish Listed Companies |
title_full_unstemmed |
Ownership Patterns and Control of Top 100 Turkish Listed Companies |
title_sort |
ownership patterns and control of top 100 turkish listed companies |
publisher |
Macrothink Institute |
publishDate |
2017 |
url |
http://repo.uum.edu.my/23589/1/AJFA%209%201%202017%20192%20209.pdf http://repo.uum.edu.my/23589/ http://doi.org/10.5296/ajfa.v9i1.10878 |
_version_ |
1644283821957316608 |
score |
13.18916 |